Home Improvement – Increasing the Value of a Home
Home improvement is the repair, maintenance or enhancement of residential real property. This includes the interior and exterior of the house as well as yards and gardens. Home improvement projects are popular among homeowners as a way to increase the value of a home and make it a more comfortable place to live.
The number of home improvement projects has increased dramatically since 2010, when they hit a low during the recession. Homeowners aged 55 and over are driving this spending. Homeowners are also focusing on energy efficiency, says Anderson. That includes replacing old windows and insulation. New smart thermostats are another popular home improvement. They monitor energy usage and can adjust automatically based on current prices of gas or electricity.
When making home improvements, consider the impact on resale value. Too many high-end upgrades can make a home less appealing to a broad range of buyers, says Anderson. A home recording studio, for example, may not appeal to a family with children. Also, removing a lot of trees can decrease curb appeal and be costly.
Oftentimes, small improvements add more value than major renovations, says Fisher. Painting and re-grouting tile are simple, inexpensive ways to boost the curb appeal of a house. He suggests talking with local contractors before starting a project to ensure it’s an improvement that will be appreciated by potential homebuyers.